Chapter 1: What is the main focus of the Melbourne property market episode?
it's the real estate podcast brought to you by ray white the largest real estate and property group in australasia and welcome to another episode of the real estate podcast available on iheart radio and also spotify and apple podcasts or wherever you get your podcast from Well, it's another Saturday.
It's arrived June the 11th for 2022 and good luck right across the weekend with your real estate endeavours. May this weekend prove to be a fruitful and a relaxing one. So good luck if you are attending any open homes or auctions. Coming up in just a moment, we have a new segment.
Chapter 2: What does 'Rolling Back the Real Estate Years' segment cover?
It's called Rolling Back the Real Estate Years. It's a fun way to reflect back on some of the prices people were paying for real estate back in the day. And talking of back in the day, it was on this day in 1987. Margaret Thatcher is the first Prime Minister in 160 years to win a third consecutive term. Oh yeah, Peter Dinklage, you know, the Game of Thrones actor. He is turning 53 today.
And at the other end of the spectrum is Jackie Stewart. He's still alive and well. He's turning 82.
Chapter 3: How have property prices changed in Melbourne recently?
Of course, Formula One racing champion between 1965 and 1973. He won three World Drivers Championships. It's the main centre forecast with propertybuyer.com.au. All right, let's have a look at some of your weather around Australia across this weekend. And first we go to Sydney. The Met Service is saying you're going to have a windy but frosty Fine day, 15 degrees is your forecast high.
Melbourne expecting one or two showers and a high of 13. Brisbane, sunny with 18 degrees is your forecast. And in Perth, expecting showers today and a high of 22 degrees.
Chapter 4: What factors are affecting the Melbourne property market today?
Across every state, city and town of Australia, it's your weekend real estate podcast. As mentioned, let's roll back the real estate years and we're going to be having a look at just how much did the average capital city house cost in the year of 1973. And this is the order in terms of the most expensive. So in the first position, hardly surprising, is Sydney.
$27,400, the average capital city house price back in 1973. Number two, you might be a little bit surprised. Most people would think it would be Melbourne, but it's Canberra. $26,850 in Canberra, 1973. Melbourne, $19,800 is in third place. Perth, $18,850.
Chapter 5: How is price sensitivity impacting Melbourne real estate?
Brisbane, $17,500. Adelaide, $16,250. And Hobart was the cheapest place at $15,000. $200. And that is the breakdown from 1973. It's another weekend. Good morning, Craig. Yes, good morning, Amy. You're right. It is another weekend.
Chapter 6: What are the current trends in buyer behavior in Melbourne?
It's rolled around pretty fast. And what is coming up this morning? Brooke from Melbourne is here soon, talking about the Melbourne property market. Yes, she is from the Ray White office of Frankston in Melbourne. So we'll be talking with Brooke very shortly. Also, somebody we'll be talking to on Monday from PropTrack is economist Angus Moore.
A couple of days ago, there was a report that was released by PropTrack looking at the numbers and the figures for the month of May, which might surprise a few people, some of the stats coming through. So we'll check on all of that Monday morning with Angus right here on the Real Estate Podcast.
Hello, I'm Amy, I'm an AI, and extremely professional, I love real estate, and I look forward to bringing you, the latest news, trends, and analysis, and I even help Craig, interview the many guests and commentators each week, you'll hear me on most days, only here, on the Real Estate Podcast. We feature market updates, interviews and trends.
Chapter 7: How are RBA announcements influencing property pricing strategies?
It's your weekend real estate podcast. And one of the markets that is turning and representing in some cases great buying is Melbourne. And Domain is reporting units have experienced a rise in pricing reduction. I like the way that they've worded that. It's sort of back to front, isn't it? Units have experienced a rise in pricing reductions.
And they give an example of a two-bedroom which was advertised at $670,000 to $730,000 and is now on the market for between $620,000 and $680,000. Well, let's welcome in on our Saturday morning to the podcast, Brooke Wegener. She is an associate partner at Ray White in Frankston in Melbourne. And very good morning to you, Brooke.
Chapter 8: What advice does the guest offer for navigating the current market?
Welcome to the Real Estate Podcast. Good morning. Thank you so much for having me. I guess we could start there with the domain, giving that example of that unit. So is that what you're experiencing as well there in Frankston? Yes, I think that's sort of what we're experiencing across the board in Melbourne. We are starting to see quite a few price reductions.
You know, for the first time in a little while, we did see a reduction in our median sale price, which has made everyone need to re-evaluate the listing prices when we come to market.
And I want to ask you this, how much has the disruption of the election, the war going on in the Ukraine and low stock levels are contributing to these price reductions from people that you're interacting with here in Frankston? I guess it has pulled a few people out of the market. There are some buyers that are particularly nervous and they're perhaps waiting for things to settle down.
But ultimately, there's people that have already sold or their circumstances are changing and they do need to buy and sell. So we're finding that, yes, things are changing, but it's not as dire as what the media might make it out to be.
It is becoming more difficult at this time to accurately price properties, get that pricing right so that you don't run into too many difficulties when you come up against that discounting on price. Yes, absolutely. You really need to have a good look at what is on the market at the time of listing a property and what has sold.
And sales that have occurred three or more months ago, even two or more months ago, are really irrelevant when it comes to using comparable sales. Yes, exactly right. And I've also heard the expression, the market is price sensitive at this time. And if it was that way before Tuesday's RBA cash rate change, it's probably got a little worse.
Perhaps explain to the audience what that actually means, being price sensitive, because some people might not know. Price sensitive means if a property is even perhaps 10 or 20 or $30,000 overpriced, the initial wave of interest will be a lot less.
So at the moment, it's really about finding that sort of sweet spot where the market engages with the property and the property represents fantastic value for money. But if it is just slightly too high, you will really miss the mark and you'll miss out on that initial wave of interest. And that can cause those price reductions a little bit later on down the track.
And because we are in the market right now with what is going on with those interest rates, it just makes the price sensitivity even more sensitive, right? Absolutely. Okay. And Melbourne was a strong market, has been a strong market for two plus years. And sticking with that price sensitivity, I wonder how easier it is for people now to just put their hands up in the air and say, you know what?
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